Park operator posts Dh206.9m loss in Q1 versus Dh291.7m loss in first quarter of 2017
DXB Entertainments narrows first quarter loss on higher visitors
DXB Entertainments, the Dubai-based operator of leisure parks including Legoland, said its first-quarter loss narrowed as revenues rose amid stronger visitor numbers and general, administrative and operating expenses fell.
The loss for the period fell to Dh206.9 million in the first three months of the year compared to Dh291.7m in the same period a year earlier, the company said in a filing with the Dubai Financial Market. General, administrative and operating expenses fell to Dh279.7m in the first quarter compared to Dh354.6m in the same period last year.
“We are pleased to announce further growth in our revenue and visitor numbers, a strong signal that our revised pricing and marketing strategy is delivering results,” said Mohamed Almulla, chief executive and managing director of DXB Entertainments.
The company also reduced marketing and selling expenses which fell to Dh25.9 m in the first quarter compared to Dh40.7m in the same period last year. Revenue rose 10 per cent to Dh173.2m in the first three months of the year compared to Dh159.8m in the same period last year.
“We continue to see signs of improvement across the business, in April we hit a new record daily visitation figure, with over 36,000 visits during the ‘Big Day Out’ festival," Mr Almulla said. "We are also very pleased to have signed an exclusive agreement with Dubai Airports that will give us access to all DXB concourses for targeted activations, marketing campaigns and dedicated sales points, helping us increase our exposure to international tourists.”
Visits to DXB Entertainments’ parks and resorts increased 45 per cent in the first quarter to 851,013 from the same period last year. Meanwhile, average hotel occupancy rose to 62 per cent in the first three months of the year compared to 22 per cent in the same period in 2017.